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PROJECT DESCRIPTION The applicant requests that the Development Agreements for the Hacienda Business Park Phase I and Phase II be extended from December 31, 2008 to December 31, 2013. No other amendments to the previously approved Development Agreements or First and Second Amendments are requested. The process requires that the Planning Commission provide a recommendation to the City Council for action. ANALYSIS A development agreement is a commitment between the City and a developer to proceed with a specific development in accordance with the terms of an agreement that describes what process additional applications may undergo in accordance with the laws in existence at the time of the agreement. In effect, the City agrees not to change its planning or zoning laws applicable to the development for a specified period of time. Therefore, future land use decisions are not based on current planning and zoning law; rather, they are based on the laws in existence at the time an agreement is executed. The developer gains assurances, through execution of a development agreement, of the continuity of regulations that are in force at the time, prior to a commitment of a substantial investment for project improvements. Hacienda Business Park landowners have spent several millions for on- and off-site improvements. The properties requesting the extension of the Development Agreements wish to be afforded an additional five years to December 31, 2013 in order to be provided adequate time to process entitlement applications and obtain building permits for these sites. Development is tied to market demand. Additionally, Hacienda Business Park development has been on hold to some degree, awaiting the outcome of the General Plan Update process. There are already traffic capacity determinations and sewer capacity purchase agreements in place for the project sites. Staff supports the request to extend the Development Agreements and believes that the Planning Commission should provide a positive recommendation to the City Council. PUBLIC NOTICE Notice was mailed to all property owners and tenants within Hacienda Business Park. As of the date of the preparation of this report, staff received one request for clarification regarding the scope of the project. ENVIRONMENTAL ASSESSMENT This project is not defined as a project by the California Environmental Quality Act (CEQA), Section 15060 and 15378; therefore, no environmental document accompanies this report. PDAM-1, BRE Properties, Inc Planning Commission Page 3of 4